Why Financial Institutions Are Prime Ransomware Targets

Arctic Wolf's Herman Lisman on Top Cyberthreats to Financial Services Michael Novinson (MichaelNovinson) • November 17, 2025

Financial services firms have become top targets for ransomware and phishing, with attackers evolving tactics to maximize profit. Herman Lisman, director of sales engineering for the U.S. region at Arctic Wolf, said ransomware isn't new, but the sophistication of extortion methods has grown rapidly. He warned that double and triple extortion attacks now threaten not only company data but also the data of customers and partners.

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Ransomware as a service has made it easier for cybercriminals to launch attacks. Phishing and business email compromise also pose significant risks, exploiting the human element in security defenses. He advises organizations to make awareness training a continuous practice, not just an annual event.

"You need to invest in good security tooling for email - tools ...